New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-01-17

long delay, probably Of several years, must
occur before the meaning Of the law can DO
definitely decided. In all these years stocks
will have opportunity to rise and fall great
many times, and enough to break any spec
ulatOr.
The strength of the stock market was pri-
marily due to the fact that strong parties were
engaged in an operation especially concerning
Southern securities, and could not afford to
see an unreasoning depression in all prices,
regardless Of present or prospective values.
It was a help, also, that money became more
abundant, flowing into New York banks at
the rate of nearly $5O0O,OOO during tho week
represented by Saturdays statement, though
scarcely any came from Europe. Gold imports
have stopped, and exchanges at one time
shifted rapidly toward the gold exporting
point. But large sums came back to the New
York banks from the interior. as is natural
after January disbursements. Though the
Treasury gained $2,2OOO0O gold, and
Sl,5OO.OOO silver with 100000 legal ten
ders, tho banks nevertheless gained heavily
also, and yet the deposits in the Treasury for
the surrender OF bank circulation wero, for
wonder, about balanced by the increase of
circulation The only feature of the home
money market that appears unfavorable is that
silver has been going into the Treasury
through tho custom houscs much moro largely
than before. The ratio Of payments in silver
and silver certificates to tho total payments
at tho New.l ork Custom House rose last week
TO 1913 per cent whereas not long ago it was
only ltOut per cent The Treasury could
l.. afr II ciltvnr
dollars in a single week, unless the return OF
these coins from circulation had become a
matter Of convenience to many people.
The foreign situation is so complicated that
It is hard to trace its influence in American
markets. Yet it Is certain that the cxpecta-
lions of European war have powerfully
affected prices in grain. cotton. iron and steel
markets. and also In the market for securities.
During the last week wheat declined on the
whole about half a cent, and corn and oats,
cotton and cheese, also declined each shade.
Oil closed an eighth lower than the week be-
fore, and coffee. after its remarkable advance,
began to turn downward. But pork products
were strong throughout the week prices for
coal could not be fairly quoted, because the
companies wero unable 10 make deliveries
tho iron market manifested still greater
strength nails having been advanced on
Wednesday to s. GO 10y the Western associa-
ton and both tin and lead wcrc little strong
cr The final report of the Agricultural Bu-
rcau, showing that last years crop Of cereals
was fully rs large rs had been anticipated, at
tracts attention Just now because it brings
to mind the fact that seven years ago, in 1879,
he yield Of wheat was almost precisely what
is reported for this year, while the home
value was then nearly 500 100000 greater.
The value Of the corn crop is alo, according
to the Bureau Of Statistics, about $40 100000
less than it was in that year, while the value
Il oats is now about $50 900 900 more than
in 1850. figures for 1879 not being at hand
On the other hand, it Is especially satisfactory
10 people interested in transI oriatiOn lines to
fad that the gross earnings Of roads reporting
or December were 8 per cent larger than
for the same month in 1885, and that the
earnings for the entire year were 0 1-2 per
cent larger in 1856 than in 1883 although the
increase in mileage reported was but l-2
per cent.